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Need some advice and help to restablish credit..

19705 Views 12 Replies 9 Participants Last post by  sharonpope
hello guys ill make this as easy as i can for you guys to understand my situation.. to start with here is wat i got from Transunion when i did my credit check

TD/GM VISA More about this account >>

Account #: 4551********6877
Condition: [Closed]
Balance: $397
Type: Revolving account
Pay status: Paid as Agreed
Payment: $19 Monthly (due every month)
Opened: 09/23/2005
Reported: 10/16/2009
Responsibility: Individual account

Remarks: Cancelled Account/Non-Derog Rating
Amt In High Credit Column (Disp 122-130 of Trade Segment) Is Credit Limit

High Balance: $500
Last Activity: 10/16/2009

Late Payments (last 6 years):
30 Days 11
60 Days 1
90 Days 1

GOVERNMENT STUDENT LOANS More about this account >>

Account #: ***9706
Condition: [Closed account] ([Transferred])
Type: Installment account
Pay status: Paid as Agreed
Payment: $0 Monthly (due every month)
Opened: 12/01/2006
Reported: 11/15/2008
Responsibility: Individual account

Remarks: Account Transferred
High Balance: $2398
Last Activity: 11/15/2008

Late Payments (last 6 years):
30 Days 1
60 Days 1
90 Day 7

ROGERS WIRELESS INC. More about this account >>

Account #:
Condition: [Derogatory]
Balance: $1152
Type: Open account
Pay status: Bad debt/collection/skip
Payment: $0 Monthly (due every month)
Opened: 05/31/2004
Reported: 10/18/2009
Responsibility: Individual account

It says That the Account has been Collection Charge Off

ALso My Credit Score Shows as 526 and it says
Your credit ranks higher than 2.52% of the Canadian population also it says
Your creditworthiness is Very Poor

So From that i would like to know.. HOW BAD IS MY SITUATION???
Can i ever recover from it??
Should I PAY rogers Back there money?? nov 2010 will be 7 years ( i called the collection agency who has the rogers account and they said they can settle the account if i pay them 500$ and they will put Paid In Settle on my report instead of it saying "bad"
my student loan was paid of few months ago i paid it off to the collection agency.. Td Visa is ok i am paying it off slowly i have about 400$ to pay i willl pay that by next month..

SO now i want to know if i have any chance to gettin this fix.. am i in a bad position?

and finally Whats the Main and Best thing for me to do Right nowwwww, so i can start gettin my credit back up..
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1 - 2 of 13 Posts
My first piece of advice is to go buy Dave Ramsey's book "Total Money Makeover".

Next, get the credit card paid off as soon as humanly possible. Next, the student loan, and then the Rogers bill.

Student loans should always take a high priority, because your tax refunds can be withheld and redirected to pay off government loans. Your wages could also possibly be garnisheed. If that happens, forget the 7 year blemish: whenever you fill out applications for new credit (and sometimes new jobs), you will be asked if your wages have ever been garnisheed.

Answering yes to that question puts one big strike against you.

Best of luck to you.
Your credit is fairly low, by the way. Still, keep in perspective that your credit rating is your attractiveness to potential lenders. Since you should be avoiding lenders like the plague at this time, just focus on getting your debts paid off, and don't worry too much about the rating.

Just be glad you know exactly where you stand, and what needs to be done from here.
1 - 2 of 13 Posts
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